The most prominent question I was confronted with after the market was closed, did I expect today such a huge correction to happen, about 100 points down!!!!! Well, I didn’t expect such a large fall but I did anticipate and was well prepared for a profit booking to happen any time. I did give my indications, rather reasons on 20th instant itself – ref. http://niftybaba.wordpress.com/2012/02/20/nifty-future-forecast/ .
Its not the charts alone that help me identify NO TRADE ZONES at macro levels but media as well as FIIs suddenly upgrading companies, increasing target levels, market experts making incomprehensible statements that even they don’t understand and follow, etc. etc. etc. but of course in a subtle manner. Its part of the game rather business. 
I would love to be perfect all the times, not only in my analysis but in my trading as well but I could not. For instance, in 2010, 3 of my best friends from USA gave me a golden opportunity to guide them and give them live trading calls in futures trading; I failed so miserably even today I regret so deeply I let them down. I had to discontinue abruptly since my wife had suffered from sudden seizure for she is affected with epilepsy. It took almost an year after that experience for me to get back into trading and get a shape. AND I never give up.
I am into trading since 2005, I have been seeing these kind of shocks, disbeliefs, blame games etc. etc. etc. throughout these years especially, whenever there is a massive correction like the one we witnessed today. Its a never ending game.
I am attaching 2 of my favourite instruments’ charts along with NIFTY FUTURES chart as well for our discussion with areas highlighted to understand better.
JSW STEEL – 22–02–2012
SBIN – 22–02–2012
NIFTY-F – 22–02–2012
Do you need any explanation from the charts, do not hesitate to send me a mail or I am available after the market hours in my chat box, available in my site itself.
Healthy And Wealthy Trading
